NM Energy$avers Program (Single Family)

Purpose

MFA's Energy$avers Program was created in October 2007 to facilitate the distribution of one million dollars appropriated by Governor Bill Richardson and the New Mexico State Legislature during its 2007 legislative session for the purpose of funding energy efficiency improvements for low-to-moderate income households around the state. The purpose of the Energy$avers Program is to provide below-market interest rate loans for energy efficiency improvements, including alternative energy upgrades, to new single-family and multi-family housing development projects and to projects involving the acquisition and rehabilitation of existing rental and for-sale housing throughout the state.

Eligible Applicants

Eligible applicants include non-profit organizations, for-profit organizations, governmental housing agencies, regional housing authorities, governmental entities, governmental instrumentalities, tribal governments, tribal housing agencies, builders, corporations, limited liability companies, partnerships, joint ventures, syndicates, associations, or other entities that can assume contractual liability and legal responsibility by executing one or more written agreements entered into with MFA.

Eligible Activities

Energy$avers Program funds may be used to assist in financing activities that improve the energy efficiency of affordable housing, including new construction and acquisition and rehabilitation of single-family and multi-family units. Eligible activities may include, but are not limited to, the improvement of energy efficiency for the new construction or acquisition and rehabilitation of for sale single-family homes (including manufactured housing), permanent rental housing, or housing for special needs populations.

Eligible Expenses

For the purposes of the Energy$avers Program, the New Mexico Mortgage Finance Authority defines energy efficiency improvements as any measures taken in the construction or rehabilitation of housing units that will result in reduced energy consumption and thus utility costs in the home, including the production of alternative energy for use in the home. Energy$avers Program financing must be used only for costs that are directly attributable and traceable to energy efficiency improvements that are affixed to real property for affordable housing projects statewide. Such costs may include but are not limited to:

  1. Energy Efficient Site Design
  2. Energy Efficient Building Envelope
  3. Energy Efficient Systems
  4. Use of Renewable Energies

Specifications for each eligible expense within these four categories are provided in MFA's Energy Efficiency Guidelines (Appendix A).

Selection Criteria

To qualify for Energy$avers Program funds, proposals must incorporate one or more energy efficiency improvements into the project, meeting or exceeding minimum standards provided in MFA's Energy Efficiency Guidelines (Appendix A) for all eligible expenses. To be eligible for a long term loan, projects must meet the minimum HERS Index stated in MFA's Energy Efficiency Guidelines.

Application Submission

Applications will be reviewed on a continuous basis, as long as funds are available. Complete applications must be received at the MFA office to be considered. Applications will NOT be accepted electronically or via facsimile. All applications shall be submitted in sealed envelopes marked "New Mexico Energy$avers Program Application" in readily visible print. All applications must include an application fee of $50.

Applicants must deliver one (1) original of the application to Felipe Rael, New Mexico Mortgage Finance Authority.

 


Funds availability: None, as of October 1, 2010.
 

Forms and Reference Materials

Contact Person

Felipe Rael
Main: (505) 843-6880
Direct: (505) 767-2249
Toll free in NM: (800) 444-6880